What happens when your entire economy is a tax loophole? 🇮🇪💰
Ireland looked like an economic miracle. The Celtic Tiger. GDP per capita higher than Germany or the UK. Tech hub of Europe. Then you look closer: Apple paid a 0.005% tax rate in Ireland—€50 for every €1 million in profit. When the EU ruled this was illegal state aid and ordered Ireland to collect €14 billion in back taxes, Ireland spent 8 years and €10 million fighting to NOT receive the money. Why? Because Ireland’s entire economy depends on being a corporate tax haven. This is the story of leprechaun economics—where 62% of GDP is fake and 10 American companies control half the country.
In this deep dive documentary, we expose Ireland’s 0.005% Apple deal, the “Double Irish” tax scheme that made Ireland the world’s largest corporate tax haven, and the leprechaun economics that forced Ireland’s Central Bank to invent a new GDP metric. We analyze why Apple represents 20% of Irish GDP, how 10 companies pay 40% of all corporate taxes, and what happens in 2024 when global tax reforms end the game. Discover the housing crisis consequence where Dublin rent hits €2,476 monthly and the coming fiscal disaster when phantom profits disappear.
In this video, we cover:
The 0.005% Tax Deal: How Apple paid €50 per €1 million in profits and Ireland approved it.
Credit to : Financial History